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cobby1994
Posts: 15
by cobby1994 » Thu Oct 18, 2018 6:17 pm
cobby1994 wrote:
Lisa Thomas wrote:
Sorry to repeat myself but can you confirm how much equity there is in your property?

If you can show it is less than £10k then the extension may not be applicable and you may be able to complete your IVA now instead of paying another 12 months...


there is more than £10k :-/


sorry me again. is it normally 85% that they work on? so valuation -85% -mortgage balance = equity they see?? hope that makes sense :roll:
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Foggy
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by Foggy » Thu Oct 18, 2018 6:59 pm
Yes, the generally accepted method is Open Market Value x 85% less outstanding mortgage and secured lending = available equity
cobby1994
Posts: 15
by cobby1994 » Thu Oct 18, 2018 7:32 pm
Foggy wrote:
Yes, the generally accepted method is Open Market Value x 85% less outstanding mortgage and secured lending = available equity


thank you, and thank you for your help & advice :)
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